Business Startup Checklist

Binance Review 2018: Comprehensive Crypto Coin Exchange Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume. Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC. Binance Features Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review. Below is the “standard platform” look: Below is the advanced display: BINANCE Advantages Large Cryptocurrency Pairings Supported The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins. Low Fees AND LIMITS The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit. Ease of Setup Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange. Binance Provides Significant Trading Volume Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power. Wide Support of Cryptocurrencies No Verification Requirements Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies. Ease of Use You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction. BINANCE Disadvantages No Leveraged Margin Trading Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. No Fiat Functionality This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported. Relatively New Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E. Conclusion Accessible option for obtaining Different Cryptocoins Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading. The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.

In this part, we've recorded the specific steps necessary to start your company in any State. Once you've formulated your business idea and understand where you'll obtain the money to finance your new startup, the following step is after our directions for starting your business correctly the first time!

1. Select a Title and Legal Structure

You basically have 4 options when choosing a legal arrangement.

2. Write a Business Plan

Prepare at least a preliminary business plan if you haven't already.

3. Obtain your Federal Employer Identification Number (FEIN)

If you are set up as a Corporation, LLC or Partnership (or a sole proprietorship with employees), apply for a Federal Employer Identification Number (FEIN) from the IRS. A FEIN will be essential to start a bank account or procedure citizenship.

4. Open the Company Bank Account

Pick a bank and open the business bank accounts.

5. Lease Office, Warehouse or Retail Space (if not home-based)

Contacting a commercial realtor can be helpful. Be certain to arrange for utilities and office furniture.

6. Licenses and Permits

• Federal Permits

Based on the type of business you are in, you might need a Federal license or permit.

Most companies do not demand a Federal permit or permit. But If You're engaged in one of the following actions, you should contact the responsible Federal agency to Ascertain the prerequisites for doing business:

Investment counseling (http://www.sec.gov)
Medication manufacturing (http://www.fda.gov)
Preparation of meat products (http://www.fda.gov)
Broadcasting (http://www.fcc.gov)
Ground transportation (http://www.dot.gov)
Selling alcohol, tobacco or guns (http://www.atf.gov)

• State Licenses

Professions and some occupations need a State license or permit. Laws Differ from State to State, but If You're engaged in one of the following professions, then you should contact the responsible state agency to determine the requirements for your company:

State Licenses and Permits based on products sold.
Some state licensing demands derive from the product. Contact your state licensing authorities to determine the licensing needs of your business. As an Example, most states require special permits to market:

liquor
lottery tickets
gasoline
guns
TIP: Most individuals engaged in the types of business that require a unique State License or Permit are already aware of the requirements (i.e. an accountant is familiar with the licensing requirements for accountants).

• Sales Tax Permit

If your company sells physical products inside the country at which it does business, you might need to collect and pay sales tax.

TIP: many service businesses which don't sell a physical, tangible product are NOT required to collect sales tax, request the State taxation agency for details/clarification.

• Business License

Most Cities or Counties ask that you receive a business permit, even if you operate a home-based small business. This is a license granting the company the authority to conduct business in that city/county.

7. Hire Employees (if applicable)

Should you intend to hire your self or others as a full or part-time employee of your company, then you might have to register with the right State Agencies or acquire Workers Compensation Insurance or Unemployment Insurance (or both).

8. Establish an Accounting and Record-Keeping System

Setup your home and Record-keeping system and find out about the taxes that your new business is responsible for paying.

Company documents normally must be stored for 3 decades, such as: a list of all addresses and owners, copies of formation documents, financial statements, annual reports, alterations or changes to the company. All Tax and Corporate Filings ought to be kept for three or more decades.

9. Obtain Business Insurance

There are many types of insurance for companies but they're usually packaged as "General Business Insurance" or a "Business Owner's Coverage". This can cover everything from product liability. A decent policy can operate as little as $300/year and offers a great extra level of protection.

TIP: Click the link to look at our favorite provider of business insurance online.

10. Systemize and Organize

Ready the company as if a person required to take it over and run it to you. This means have a method to process orders, pay bills, pay employees, pay taxes, and keep your licenses, etc.. Basically, try to create the operational element of the business as automated and efficient as possible so that you can focus on developing your business.

11. Develop a Business Identity

A professionally created logo can make your company look professional and established.

Suggestion: View our "Business Identity" section for help with naming, logos, trademarks and much more

12. Start Marketing

Now that you've set up the company for success, you need to get out the word. Create a marketing strategy for your products and services which targets your perfect customer.

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